Auto Loan

The Vehicle Loan scheme will capitalize the market towards the growing Transportation, Agriculture & tourism Industry which are helpful to more Economic development activities in the country

Eligibility

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a) Applicants should be

Confirmed, permanent employees in an Executive grade or higher, or

Be employed in a recognized, established company with at least 3 years of service

b) Applicants should have a net monthly income in excess of LKR 40,000-, including allowances.

Additional income will have to be with proven documentations.

c) Applicant’s total commitment for loans should not exceed 60% of net monthly income.

LOAN SCHEME

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a) The bank will finance a minimum amount of LKR 500,000 -, and a maximum amount LKR 15.0 Million

b) SMIB will finance only - Cars, SUV’s,Van,Lorry, bus and Jeeps

c) Vehicles financed can be brand new, unregistered or registered, provided the vehicle is not older than 10 yrs from date of manufacture at the time of obtaining the loan. Exceptions being,

--- Indian (Maruti/ Tata) and Chinese – Brand new only

--- Korean / other Asian – Brand new and reconditioned (unregistered) only

SECURITY

Mortgage over vehicle (lodgment of original CR with SMIB ) & 1 personal guarantor accepted by the bank. · Assignment over monthly salary or a standing order from the applicant’s Bank to which the salary is being remitted.